FAQ

• What is the first step if I want to buy a property?
• What is a prequalification?
• Why get prequalified and then preapproved for a mortgage before you begin your search for a home?
• How much house can we afford?
• Can I be approved for a loan if a have credit problems?
• What is mortgage insurance?
• How much does mortgage insurance cost?
• How do I get rid of my mortgage insurance premium?
  

What is the first step if I want to buy a property? « Back to Top

The first step is get prequalified by an Intermerican Finance Corp. mortgage professional.

What is a prequalification? « Back to Top

Is an individual study to see how much house you can afford.

Why get prequalified and then preapproved for a mortgage before you begin your search for a home? « Back to Top

Because there are 3 people who will benefit from your preapproval: you, your real estate agent, and the seller.

You: The most important beneficiary.

Your Real Estate Agent: (In case you are using one) By knowing what your financial parameters are, your agent can spend more time looking for houses that "fit" and less time pursuing dead ends. If you don't have an agent we can recommend one.

The Seller: If you had two offers on the table for your house, one from a fully prequalified buyer and the other from an "I'll get around to that soon", to which offer would you devote the most attention?

How much house can we afford? « Back to Top

There are simply too many variables: credit history, income, debt, special mortgage programs and variations in qualifying guidelines between different mortgage types. To answer that question, the only sure way of getting the question answered is through prequalification. The mortgage prequalification step is a relatively simple one, but it is an important one. It begins the process of formally applying for a mortgage, and it gives everyone involved (specially you) a clear sense of the direction they should be headed.

Can I be approved for a loan if a have credit problems? « Back to Top

Yes, at Intermerican Finance Corp. we have a lot of different programs. From excellent to bad credit you always have a chance with Intermerican Finance Corp.

What is mortgage insurance? « Back to Top

This is an insurance policy ( called mi or pmi ) that protect the lender if you default on the loan and the lender forecloses on your property, the lender will use the money collected from mi to offset its losses.

How much does mortgage insurance cost? « Back to Top

Your mortgage insurance premium is set by a mortgage insurance company, how much you have to pay each month will depend of the type of loan, your down payment (or equity) and the loan amount.

How do I get rid of my mortgage insurance premium? « Back to Top

Star trying to get your mortgage insurance premium cancelled as soon as you suspect that your equity in your home or its value has gone up significantly. The most obvious way for equity to increase is because you've made a lot of mortgage payments. Your equity may also increase because your home's value has gone up due to a rise in local home values .such value-based rises in equity are harder to prove to your lender, and some lenders require you to wait a minimum time (about 2 years) before they will approve cancellation of mortgage insurance premium on this basis.

Probably one of the reasons that buying a home is such an emotional experience is because of the fact that not only do you have the actual house buying to deal with, but for the most home buyers you also have the mortgage process to encounter. This can be a smooth and almost uneventful process, or maybe not. A great deal depends on the preparation of the buyers as well as the selection of an efficient mortgage company. that's why Intermerican Finance Corp. is here.